VN Finance Ministry to set up research group on crypto currency

The Ministry of Finance has decided to set up a research group which would be in charge of studying and proposing policies to manage virtual assets and cryptocurrencies.

Ministry to set up research group on crypto currency hinh anh 1

A research group under the Ministry of Finance will be set up to study and propose policies to manage virtual assets and crypto currencies. (File photo)

The group had nine members, lead by Vice Chairman of the State Securities Commission Pham Hong Son. Other members are from the State Securities Commission, General Department of Taxation, State Bank of Vietnam's Department of Banking and Financial Institutions and Legal Department, Vietnam Customs and National Institute for Vietnam Finance.

Policies to effectively manage virtual assets were crucial in the context that virtual assets were developing rapidly but posing risks and might cause negative impacts on the market.

On August 21, 2017, the Prime Minister issued Decision No 1255/QD-TTg to approve the project about completing the legal framework for managing virtual assets, crypto currencies and electronic currencies.

 

On April 11, 2018, Directive No 10/CT-TT was issued with the aim to enhance management on transactions related to Bitcoin and other crypto currencies to put it under control and minimise their negative impacts.

Governor of the State Bank of Vietnam on April 13, 2018 issued Directive No 02/CT-NHNN about measures to strengthen control over transactions related to crypto currencies in which credit institutions were asked not to supply some types of transactions related to virtual currencies to ensure compliance with established regulations about anti-money laundering and forex management.

According to crypto currency market research company CrytoCompare, at the end of November 2017, about 80 percent of Bitcoin transactions were found to originate from Asia, mainly from China, Japan, the Republic of Korea and Vietnam. Access from Vietnam to crypto currency websites and trading platforms were in the top five highest in the world, beside the US, Russia and Japan./.VNA

Cryptocurrency rules need to be clarified

Cryptocurrency rules need to be clarified

The State Bank of Vietnam (SBV) is working on a new decree to regulate cryptocurrency.

 
 

Other News

.
EVFTA hoped to help with sustainable poverty reduction in Vietnam
EVFTA hoped to help with sustainable poverty reduction in Vietnam
BUSINESSicon  05/08/2020 

The EU-Vietnam Free Trade Agreement (EVFTA), which came into force on August 1, is hoped to create a driving force to help Vietnam reap further achievements in poverty reduction and economic growth.

Analysts: High-end hotels hold appeal among investors
Analysts: High-end hotels hold appeal among investors
BUSINESSicon  05/08/2020 

Analysts from real estate consultant Jones Lang LaSalle have said domestic and foreign investors alike are actively seeking to purchase high-end hotels in downtown areas, mostly due to limited land supply.

Wooden plank exporters struggle with higher tax rates
Wooden plank exporters struggle with higher tax rates
BUSINESSicon  04/08/2020 

The Vietnam Timber and Forest Product Association has sent an urgent petition to the Ministry of Finance, Ministry of Agriculture and Rural Development and Ministry of Industry and Trade about congestion of wooden planks

E-wallet firms battle for slice of cashless payment pie
E-wallet firms battle for slice of cashless payment pie
BUSINESSicon  04/08/2020 

E-wallets firms are battling for a piece of the cashless payment market amid rapid growth in the context of the COVID-19 pandemic.

Corporate income tax reduction comes into effect
Corporate income tax reduction comes into effect
BUSINESSicon  04/08/2020 

Resolution 116/2020/QH14 granting a reduction of 30 per cent on corporate income tax (CIT) for eligible enterprises officially came into effect on Monday.

Big rearers win big
Big rearers win big
BUSINESSicon  04/08/2020 

Many animal husbandry enterprises are leveraging the pork supply shortage to sell at high prices, earning huge profits

VN businesses slow in preparing to enjoy preferential tariffs in EVFTA
VN businesses slow in preparing to enjoy preferential tariffs in EVFTA
BUSINESSicon  04/08/2020 

 Experts have raised concerns that Vietnamese businesses are slow in preparing conditions to enjoy preferential tariffs in the Viet Nam-EU Free Trade Agreement (EVFTA).

Probe into Tenma Vietnam’s alleged bribery underway: police official
Probe into Tenma Vietnam’s alleged bribery underway: police official
BUSINESSicon  04/08/2020 

The investigation into the Japanese-invested Tenma Vietnam company’s allegation of bribing civil servants and tax and customs officers of northern Bac Ninh province is still ongoing, according to a police official.

VN textile, electronics hardest hit in pandemic: official
VN textile, electronics hardest hit in pandemic: official
BUSINESSicon  04/08/2020 

Textile and electronics have been the two export-oriented sectors mostly impacted by the COVID-19 pandemic, an official has said.

How can VN night-time economy develop?
How can VN night-time economy develop?
BUSINESSicon  05/08/2020 

Food and Music of An Bang Sea, a night event organized on An Bang Beach in Hoi An City in Quang Nam province last weekend, attracted many visitors.

Local F&B shops struggle to survive new COVID-19 outbreak
Local F&B shops struggle to survive new COVID-19 outbreak
BUSINESSicon  05/08/2020 

Eatery and beverage shops learned from experiences from the April lockdown and have prepared for the new difficult period.

Businesses in HCM City's central business districts are idle as demand is weak
Businesses in HCM City's central business districts are idle as demand is weak
BUSINESSicon  05/08/2020 

Many streetfront buildings in large cities that house shops that were busy in the past are idle because business activities have declined due to Covid-19.

Vietnam prepares to receive investors from Japan, the US, EU
Vietnam prepares to receive investors from Japan, the US, EU
BUSINESSicon  04/08/2020 

Japanese businesses have begun relocating factories to Vietnam, and it is expected that American and European businesses will also come soon.

VN Civil Aviation Authority's plans for new Quang Tri Airport face opposition
VN Civil Aviation Authority's plans for new Quang Tri Airport face opposition
BUSINESSicon  04/08/2020 

The Civil Aviation Authority of Vietnam (CAAV) plans to build Quang Tri Airport in Quang Tri province, but experts disagree with the idea.

Vietnam factory activity dips in July as Covid-19 impacts grow
Vietnam factory activity dips in July as Covid-19 impacts grow
BUSINESSicon  03/08/2020 

Despite a drop in output in July, firms remained confident in the 12-month outlook for production.

Enticing legal changes lure in foreign investors
Enticing legal changes lure in foreign investors
BUSINESSicon  04/08/2020 

Foreign investors are making new investments moves into Vietnam on the back of supporting policies and new rules. However, as some legal concerns remain, the development of the next steps still requires some preparation. 

Summary of new points of amended Law on Investment 2020
Summary of new points of amended Law on Investment 2020
BUSINESSicon  03/08/2020 

After more than six years in effect, the Law on Investment has been officially amended with a number of new articles to improve the country’s appeal to higher-quality foreign investment flows.

Outlining the preferential mechanisms for new PPP projects
Outlining the preferential mechanisms for new PPP projects
BUSINESSicon  04/08/2020 

Public-private investment projects play a significant role in developing infrastructure and have the potential to accelerate large-scale construction works across the country.

Vietnam economic outlook remains positive despite Covid-19 resurgence: HSBC
Vietnam economic outlook remains positive despite Covid-19 resurgence: HSBC
BUSINESSicon  03/08/2020 

HSBC economists forecast GDP expansion of 3% in 2020 for Vietnam, the only ASEAN country they expect to have positive growth this year.

Vietnamese startups bag millions of US dollars despite COVID-19 pandemic
Vietnamese startups bag millions of US dollars despite COVID-19 pandemic
BUSINESSicon  03/08/2020 

A slew of Vietnamese startups managed to secure millions of US dollars even in the midst of the rapidly escalating COVID-19 pandemic.

 
 
 
Leave your comment on an article

OR QUICK LOGIN